"I don't think that any bank that goes to the extent that UBS has gone through to avoid doing what their agreements with the United States require them to do, should be allowed to continue to do business unless they clean up their act," Levin said.

The Senator also revealed a list of "sneaky tricks" that the bank was using to skirt U.S. laws and provide services that it was not licensed to offer. Here's the list:

Tax Haven Bank Secrecy Tricks

• Code Names for Clients
• Pay Phones, not Business Phones
• Foreign Area Codes
• Undeclared Accounts
• Encrypted Computers
• Transfer Companies to Cover Tracks
• Foreign Shell Companies
• Fake Charitable Trusts
• Straw Man Settlors
• Captive Trustees
• Anonymous Wire Transfers
• Disguised Business Trips
• Counter-Surveillance Training
• Foreign Credit Cards
• Hold Mail
• Shred Files

Prepared by the U.S. Senate Permanent Subcommittee on Investigations, July 2008.

One UBS banker has already plead guilty and admitted to (among other things) smuggling diamonds purchased using a US client's Swiss bank account into the country by hiding them inside tubes of toothpaste. Classy!

Sen. Levin: Shut Down Giant Swiss Bank UBS
Investigation Reveals Secrecy Tricks Allegedly Used by Swiss Bankers [ABC News]

From ABCNews:

In court documents, federal prosecutors say UBS bankers helped set up many of the secret accounts in Liechtenstein and, overall, hid as much $20 billion belonging to US citizens.

"Sums are enormous and UBS appears to have been particularly aggressive in the way they marketed their activities in the US and elsewhere," said Christensen. "So UBS is extremely vulnerable to losing their license in the US."

One UBS banker, Bradley Birkenfield, pleaded guilty last month and admitted to smuggling cash and diamonds for Americans trying to hide their wealth from the IRS.

In federal court documents obtained by ABC News, federal prosecutors allege that Birkenfield's bank trained bankers traveling to the US in "techniques to avoid detection" by law enforcement authorities, "including training bankers to falsely state on customs forms that they were traveling into the United States for pleasure and not business".

There will be Senate committee hearing tomorrow and ABC says that "among those called to testify are foreign bank account holders, including one of the wealthiest men in Los Angeles," and that the tax dodgers could face criminal prosecution.

Hundreds of Super Rich Under Investigation [ABCNews]

JK Harris wasn't just misrepresenting its services. It also made it very difficult for customers to resolve any questions or complaints:

According to Cooper's complaint, JK Harris regularly advertised it had more than 450 offices nationwide. However, the complaint contends that only the main office in Charleston handled consumers' files.

If a consumer wanted to meet with a JK Harris representative about their file they had to physically travel to Charleston.

The other offices were staffed only by sales representatives who could not help consumers with their tax problems.

JK Harris also claimed consumers' cases would be handled by "tax experts" or "ex-IRS agents" when in fact the people handling the cases did not fit those descriptions and did not have tax expertise.

JK Harris case managers changed frequently, and consumers complained they often had to provide the same information to the company several times.

Under the terms of the agreement, JK Harris now has to:

• pay refunds to customers if it can't help them with their tax debts, or if the IRS doesn't accept the OIC;
• provide accurate information on when a customer can qualify for an OIC and how frequently the IRS accepts such claims;
• stop lying with its advertising and sales practices;
• never offer or perform credit repair services.

If you know someone who lives in one of the following states, they should contact their attorney general's office for more information on how to qualify for a refund from JK Harris (we have the number for NC because that's where the article was published):

If you owe back taxes and aren't sure what to do about them, the best thing to do is pay a visit to an experienced and knowledgeable accountant for help. He or she should be able to help you figure out how much you owe (in some cases you may have actually overpaid, and simply filing the appropriate forms for the missing years will solve your problem) and help you set up a repayment plan that fits within your budget.

"'Pennies On The Dollar' Tax Relief Company Ordered To Pay Refunds" [Digtriad]
(Photo of sneaky snake: Getty)

Here's another common question...

Q. I have moved since filing my 2007 tax return. How will my payment reach me?

A. You should file a Form 8822 with the IRS and a change of address notice with the U.S. Postal Service. This will ensure your check is sent to your new address. Without your current address, the check could be returned to the IRS as undeliverable.

Economic Stimulus Payments: Most Frequently Asked Questions [IRS]

Here are some post offices that are open late in various metropolitan areas.

New York City: James Farley Post Office 421 Eighth Avenue and 31st Street Open 24 hours.

Chicago: Cardiss Collins Postal Store 433 W Harrison ST FL Lbby Open 24 hours.
Los Angeles: Airport Station, 9029 Airport Blvd.;
Los Angeles Processing & Distribution Center, 7101 S. Central Ave.;
Long Beach Processing & Distribution Center, 2300 Redondo Ave.;
City of Industry Processing & Distribution Center, 15421 Gale Ave.;
Pasadena Main Post Office, 600 Lincoln Ave.;
Van Nuys Main Post Office, 15701 Sherman Way;
Santa Ana Processing & Distribution Center, 3101 W. Sunflower Ave; and
Santa Ana Main Post Office, 2201 N. Grand Ave (all open until Midnight)

San Francisco: Main Branch 1300 Evans St (Open Until Midnight)
Airport Branch (660 W. Field Road) (Open Until Midnight)

Dallas: Dallas Main Post Office, 401 DFW Turnpike - (Open Until Midnight)

Atlanta: Atlanta Main Post Office 3900 Crown Road SW (Open Until Midnight)
Boggs Road Postal Store 1605 Boggs Road (Open Until Midnight)
Athens Main Post Office 575 Olympic Drive (Open Until Midnight)
Decatur Main Post Office 502 W. Ponce de Leon Avenue (Open Until Midnight)
Sandy Springs Postal Store 227 Sandy Springs Place NE (Open Until Midnight)
Marietta Main Post Office 257 Lawrence Street (Open Until Midnight)

Cincinnati: 1591 Dalton Ave (Open Until Midnight)

Orlando: Orlando Post Office 10401 Post Office Blvd. (Open Until Midnight)

Richmond: 1801 Brook Road - (Open Until Midnight)

Pittsburgh: (North Side) 1001 California Ave. - Window open until 9 p.m. Final mail pickup at midnight.
(Downtown) 700 Grant St. - Window open until 6 p.m. Final mail pickup at midnight.

Massachusetts: (only one post office in Massachusetts will be staying open.) Fort Point post office in Dorchester near South Station (24 Hours).

Philadelphia: 2970 Market ST RM 134c (Open Until Midnight)

Seattle: Seattle, Riverton Station, 15250 32nd Ave S. (Open Until Midnight)

Tucson: 1501 S. Cherrybell Stravenue (Drop-off Until Midnight)

Add your own late night post offices in the comments and help your neighbors get their taxes in on time. Thanks!

(Photo:jenna_belle)

Now the bad news: due to much partisan fighting over the issue, the vote didn't include a way to pay for the one-year reprieve, which means our national debt will increase by $50 billion next year.

House Democrats angrily approved the bill after giving in to demands by Congressional Republicans and President Bush that the tax cut not be offset by raising other taxes. Democrats started out the year by pledging to pay for the $50 billion cost of the A.M.T. fix with cuts in spending or increases in taxes elsewhere. The Democrats repeatedly tried to get Senate Republicans to back a plan that would have paid for the cut by imposing new taxes, particularly on wealthy hedge fund managers. But the Republicans refused, leaving Democrats little choice but to break their promise. By not offsetting the cost, the national debt will increase by $50 billion.

"The only reason this bill is not paid for is because Republicans almost in lock step in both bodies have prevented us," said Representative Steny H. Hoyer of Maryland, the majority leader, in one of several furious speeches by Democrats on the House floor.

"Congress Votes to Spare Millions From Alternative Tax" [New York Times]

After April 17, 2007 the money becomes the property of the US Treasury, so don't wait! —MEGHANN MARCO

Prior Year Tax Forms [IRS.gov]
(Photo:mvhargan)